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  1. #1
    Join Date
    Apr 2010
    Posts
    6

    Default Foreclosure - How Does It Affect a Co-Borrower

    My question involves a foreclosure in the State of: Arizona

    I am aware that it is a non deficiency state for owner occupied and primary residence etc.

    Question: I am the non occupant co-borrower, FHA loan. I have my home free and clear but the loan I co-borrowed is going into foreclosure. (A Family member)

    Does the Mortgage Forgiveness Debt Relief Act of 2007 (2012) protect me? The home was used as a primary residence so will the debt relief act protect all borrowers under that loan? Technically it is not my primary residence and will file a 1040 using a different address.

    ... Borrowers have lived in the home for 36 months.

  2. #2
    Join Date
    Apr 2010
    Posts
    6

    Unhappy Re: Foreclosure - How Does It Affect a Co-Borrower

    follow up to my question; tell me if my thinking is applicable to the above situation. Non occupant co-borrower

    1. Not an investment property so no deficiency judgement can be issued.

    2. Only one 1099 can be issued to one property, so the co-borrower that was a qualified owner occupant can claim the 1099-c and I will not be liable and have no tax consequence.

    Anyone?

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